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© (c) Copyright Thomson Reuters 2014.U.S. judge calls Argentina debt swap plan 'illegal'
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© (c) Copyright Thomson Reuters 2014.
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horizon360
The U.S. Federal Judge (Thomas Griesa) needs to confine his statements to U.S. legal issues and avoid making public comments on foreign economic policies. Judge Griesa has no authority or powers to govern (sanction) Argentina like a corporate defendant on trial in his personal courtroom. The hedge funds who bought distressed sovereign debt at extreme bargain basement prices were gambling with OPM .The slow and painful economic recovery in Argentina after 2005 was enabled largely by all the other international debt holders (95%) conscientiously renegotiating terms for their repayments while Argentina's national finances were in distress (making payouts impossible). Now the lone hedge fund hold-outs from those negotiations (the vultures) want a free-ride on the goodwill train they completely refused to support. That is just (court supported) piracy.
John Galt
"Now the lone hedge fund hold-outs from those negotiations (the vultures) want a free-ride on the goodwill train they completely refused to support. That is just (court supported) piracy."
That's the truth.